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Pharmaceutical preparations company · B9 · FY ends Dec · Revenue $361M · -139.89% margin · -$153M FCF
The business is unprofitable at the operating level (-139.89% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 23.1% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$153M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$361M
▼ -23.1% YoY
Net Income (TTM)
$91M
▲ +773.8% YoY
Op. Margin
-139.89%
▲ +12.0pp YoY
ROIC
-4.52%
▲ +1.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$153M
▼ -772.4% YoY
Op. Cash Flow (TTM)
-$57M
▼ -141.0% YoY
Net Debt
-$9.56B
Net Cash Position
Cash & Equiv.
$9.95B
5Y CAGR: +8.0%
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